The Litecoin exchange rate rose above $230 within an hour and dropped almost to its original level. Quotes jumped 40% amid the news that a major U.S. retailer added the ability to pay for goods in digital coins.
The jump in quotations was due to Walmart’s announcement that it had entered into a partnership with the Litecoin Foundation. The company allegedly announced the introduction of cryptocurrency payment options. Litecoin Foundation CEO Charlie Lee emphasized that Litecoin’s high transaction speed and low fees make it a suitable payment option for large retailers.
Members of the ForkLog community have questioned the news that Litecoin is recognized as a means of payment by Walmart. After a spokesperson for the retailer denied the rumors, the Litecoin Foundation deleted a Twitter post about its partnership with the retailer.